The article talks about the tips on streamlining the journal entry testing post-analysis.
How does this add value to your audit?
MindBridge analyzes 100% of the general ledger data and applies a risk score to each transaction.
If you are testing a sample of journal entries, the Intelligent Sampler can be used to stratify your sample selections towards transactions flagged as either High or Medium risk (i.e., those transactions that have failed multiple control point tests). This truly allows you to focus on those transactions that exhibit multiple characteristics of an anomalous transaction, which increases the likelihood that it is potentially anomalous. You can then add these sample selections to your audit plan and export an Excel sheet that summarizes the transaction details along with exactly which control points were triggered.
On the Risk overview tab, the results of each control point test are summarized as counts, allowing you to drill into and scan the types of transactions that are being flagged. Using the Filter Builder, you are able to further query the subset of transactions.
For example, isolate only those transactions that were posted within 60 days of balance sheet date that hit a particular control point.
If you choose to import an Opening Balance and Closing Balance to your analysis, balance checks ensure that the population of general ledger entries is complete. This saves you valuable time!